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Fiji Financial Intelligence Unit Report Highlights Growing Concerns over Money Laundering and Terrorist Financing

Suva, Fiji - The Financial Intelligence Unit (FIU) of Fiji has released its annual report for 2018, revealing a significant increase in financial transactions and suspicious activities that require further investigation.

Key Findings

  • Commercial banks and remittance service providers reported over 800,000 international electronic fund transfer transactions to the FIU, with no monetary threshold applied. This is an increase of 15% from the previous year.
  • The FIU received 969 border currency declarations in 2018, up by 23% from the previous year. These declarations are made by travelers carrying currency or negotiable bearer instruments worth $10,000 or more.
  • The FIU’s analysis and intelligence development processes have identified several suspicious transactions that require further investigation.

Analysis and Intelligence Development

  • The FIU uses various tools to analyze financial transaction data, including its Alert and Monitoring System (AMS) and Data Mining System (DMS).
  • These systems identify links, relationships, and patterns of suspicious financial activities and provide critical intelligence to law enforcement agencies.
  • In 2018, the FIU received 446 queries for further information from financial institutions, with commercial banks accounting for 86% of these requests.

Enquiries and Investigations

  • The FIU makes enquiries with financial institutions as part of its analysis process. In 2018, these enquiries were made in relation to ongoing investigations of money laundering offenses or proceeds of crime cases.
  • The FIU’s intelligence reports provide profiling of suspected proceeds of crime and identify potential vulnerabilities in the financial system.

Dissemination of Financial Intelligence

  • The report highlights the importance of disseminating financial intelligence to law enforcement agencies, which enables them to investigate predicate crimes, money laundering, and terrorist financing activities.
  • The FIU’s intelligence reports provide critical information to law enforcement agencies, enabling them to take action against suspicious transactions.

Conclusion

“The FIU plays a critical role in combating money laundering and terrorist financing in Fiji,” said [Name], Director of the FIU. “Our analysis and intelligence development processes are designed to identify suspicious transactions and provide timely information to law enforcement agencies. We will continue to work closely with our partners to ensure that our financial system is secure and resilient.”

Contact

[Name] Director, Financial Intelligence Unit Phone: [Number] Email: [Email]